How much should I spend on a new DAC

+1 on the Bricasti M3.  I would look for a used Bricasti with a network steamer card.  
 

@soix 

I'm aware. I read all the hoopla about the r26 upon its release. Obviously this is Gustard's way to go with the flow as to not miss on any sales. I get it. However, in my system and room, the r2r ultimately did not give me the clarity that I get from my vinyl rig. The delta sigma is much closer to it. Whether that has to do with a lesser expensive r2r vs. a more expensive delta sigma, I don't know and don't need to find out at this point. You are one of the guys who leaned me to go with r2r and I never regretted it. You were helpful in many ways and without experiencing it in my specific system and room, I would have never known. Also, the main thing that held me back from going up the ladder with denafrips r2r is none of their dacs features a remote, an absolute necessary for my enjoyment. In fact I shared that with Alvin. I did buy a Jay's cdt2-mk3 from him though, with remote, great guy.

I have the U2 mini and it is a great streamer.  I have a Reimyo DAC that is a ladder dac and only does 44.1.  I love that DAC.  I have a SPL Director Pre-amp which also has a DAC that runs hi-res files.  I can't hear any diff in hi-res vs 44.1.

Terry London did a review on the Bircasti DAC on Stereotimes so you can read it there. Also check out Twittering Machines website because he reviewed the U2 mini and a lot of DACs.  I would highly say to get a way to hear it in your system because synergy amoung the parts is way more important than anytyhing else,.  I found this out when I plugged in $300 Hsu speakers I bought used into my $15K electronics and was stunned at how good they sounded.  No one would ever recommend those speakers for my system.  Love this stuff.

jh

Here is the link to Bircasti review. 

http://v2.stereotimes.com/post/bricasti-design-m3-dac-by-terry-london

I think Delta Sigma and R2R can sound amazing. It is really a journey to what sounds good to you and the music you like.  I fall on the side of warm and fun to vs the uber detailed presentation.

jh

I have found $5-7k gives you very good reference quality beating dacs at 2 x the $$ spent  in naturalness and musicality across the board.

tops in my new listening list is the T&A 200 dac , then Between HoloSprings May KTE  dac and latest Denafrips12 anniversary   Terminator + dac.